Wealth management firm Prime Financial Group (PFG) has wholly acquired Altezza Partners, a Brisbane-based accounting and advisory firm, to expand its operation in south-east Queensland.

Altezza, which is owned by partners John Driscoll and Matthew Smith, has reported annual revenue of nearly AUD2m.

The deal will see Driscoll and Smith becoming equity partners in PFG. Also, Altezza will be rebranded as PFG and operate as a Brisbane office.

Prime managing director and CEO Simon Madder said the transaction with Altezza fitted perfectly with where the two companies are headed.

“Altezza is an innovative firm – as shown by its award last year – and Prime is at the forefront of innovation in the advice sector. Many of the skills in both firms are complementary, particularly when it comes to services for entrepreneurs, business and family groups.”

Altezza partner John Driscoll said the partnership with Prime is a massive boost for the company.

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“To have the backing of one of Australia’s leading advisory and wealth management firms is testament to the business we have been building here in Brisbane. When it comes to innovation, both firms are on the same page and we see many benefits for both parties moving forward,” Driscoll added.

The latest transaction follows Prime’s last year merger with MPR Group, a Melbourne-based accounting and advisory firm.